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Since Mark Richards joined Grand Banks as CEO over a decade ago, the company’s products have been transformed into a higher-tech breed of higher-speed, more fuel-efficient long-range cruisers. A former world-champion offshore sailor out of Sydney, Australia, Richards had previously founded Palm Beach Yachts and developed the proprietary V-Warp Technology—a combination of low-drag hull form, carbon fiber and other exotic materials, and engineering that optimized build precision, generating significant fuel economies. Rightboat’s content director, John Burnham, interviewed Richards last month during the Palm Beach International Boat show.
John Burnham
Mark, when did you join the company and why?
Mark Richards
That’s a good question, John. I can't believe it, but 10 and a half years ago, I was approached by Grand Banks, and I wasn't really interested at first, but they ended up talking me into going up to Malaysia and having a look at the facility there. My business at the time was sort of maxing out for what it was in Australia, so I went up there to Malaysia, and I saw the factory, and saw how significant it was. It was very badly run at the time. I was actually surprised, and I know it's really weird, but in the first half an hour being there, I thought, I can fix this. So it was an opportunity, and I’ve been an opportunist my whole life, and so I took it on, and here we are 10 and a half years later, and it's a completely different world. I mean, what we've done there—myself and the whole team—is nothing short of remarkable. What we've done with the factory expansion is up to 1.1 million square feet from 500,000 square feet. Everything's new, every bit of tooling, every bit of machinery, every tool.
Burnham
How many boats are you building in that 1.1-million-square-foot factory?
Richards
We have 42 boats in build at once. It’s a lot of boats. But you have to understand, with Grand Banks, unlike many companies, we design and build everything in house. So apart from componentry, motors and electronics and pumps and what have you, everything is built in house—upholstery, stainless, absolutely everything. So, it’s very vertical, integrated, but it's 42 boats at once. It's a lot of projects on the go.
Burnham
So there weren't 42 boats in build at once 11 years ago…
Richards
No, look, it's a very different world, obviously. Grand Banks was in a lot of trouble when I came onboard. It was a big job to stop it from going down the drain hole, but we've done it, and it's worked really well, and I haven't regretted one minute. I love it. I love the people there. It broadened my horizons massively.
The Grand Banks brand is iconic, and its following is iconic. There are a lot of great people involved. So the DNA of the two companies is actually very compatible but with totally different management and totally different culture. I have a very different way of doing business than what they had previously. But it's worked out well, and people like it.
Burnham
So you were already at Palm Beach Yachts, right?
Richards
Yeah, I founded Palm Beach—that was my company. I sold Palm Beach to Grand Banks and took over Grand Banks, basically. And I'm a major shareholder in the company, and obviously the CEO. I treat it like my own. And it works well.
Burnham
What was your vision for Grand Banks when you got there, other than to stop the bleeding and get things on track?
The Grand Banks 62 made its debut in March at the 2025 Palm Beach International Boat Show. Grand Banks photo.
Richards
It's interesting when you look at the whole Grand Banks story—it's a competitive market. Tony Fleming used to work for Grand Banks. Dave Marlow used to work for Grand Banks. I always think that if those guys had been treated better, maybe their companies wouldn't have ever started. You know, Grand Banks would have been bigger than anything. But for whatever reason, those guys went off on their own and have done an amazing job. I have a lot of respect for what Tony Fleming and Dave Marlow have done. It's pretty impressive, really.
My background is from a very different world. I'm all about efficiency, man. I like performance and efficiency, and the Grand Banks models were really way behind everyone, to be honest with you. That's why we decided to scrap the lot and basically try to start fresh for a new era, aiming to revolutionize long-range cruising at speed. To be able to cruise in a 65-foot boat at 20 knots for 1,000 miles—not many boats could do that. That was the whole concept. In this particular range, we're using 60 to 70 percent less fuel than any of our competitors at the same speeds, which is remarkable.
Burnham
Is that the weight of the boats like this…we’re on a new Grand Banks 62?
Richards
It’s everything, it's the whole shape, and the key is construction and materials. I mean, this boat is 75 percent carbon fiber; everything up high, the deck, the superstructure, the flybridge, hard tops, everything's fully infused carbon. So, it's very light but very strong. And you get a much lower center of gravity, which is great for stability. But the most important thing is you get efficiency. This boat runs beautifully because the wake behind this boat is tiny, a very clear indication of how efficiently it goes through the water.
Burnham
I'm guessing you weren't scared of carbon fiber, because you've probably been using it at Palm Beach, and you built a few sailboats out of it before that.
Richards
Yeah, I've been using carbon for my whole life. You know, high-tech carbon construction hasn't really changed a lot in 40 years. John McConaghy from Australia sort of revolutionized the use of pre-preg carbon fiber 40 years ago. And he was one of the leading boat builders globally for a long time for high-tech composites. We all worked with John for many years. We did our America's Cups with those guys. We've done Wild Oats [a 100-foot racing sailboat] with those guys, so it's nothing new to us at all. This is one step below Wild Oats technology or America's Cup technology, but for a power boat, it's way above everyone. It's the key to our success, and the magic is all in efficiency.
Burnham
So prepreg carbon fiber…are there cores used as well?
Richards
We don't use prepreg in these boats. It's all infused, so vinylester-infused carbon and a lot of core—Core-Cell. We have solid fiberglass bottoms but it's a majority all about engineering the boats to be as strong as possible and as light as possible.
Layup of a composite deck in progress at the Grand Banks building facility in Malaysia. Grand Banks photo.
Burnham
So, this 62 is your latest model. Did it replace a model that you built 10 years ago?
Richards
One thing I work hard on that’s very important for myself and for all of my customers—we don't make anything obsolete. So every model we design is for a purpose, and it doesn't replace anything. So it doesn't affect resale of other models. It's important for what we do. And you know, my design hasn't changed in 30 years. It's the Palm Beach design. Just the technologies change. So yeah, there's a lot of cool technology that obviously evolves as time goes on, but it's a timeless look and feel that people will love forever. That keeps the resale very strong. So any new model is for a reason.
We call this the 60 series. We have the 60, this 62, and the 65 out of the same tooling, and it's all for different reasons. I mean, you think two feet, well, what comes in two feet? Quite amazing. It makes the third cabin work much better with a third head. So three proper double cabins with en suites. You know, we get an extra foot in the saloon, an extra foot in the cockpit, and two feet up here in the flybridge. And it makes a big difference. But the key thing for me that I love is the performance, an extra two feet of waterline length. It's amazing what that does. This boat runs beautifully. It's 38 gallons an hour, 20 knots fully loaded—it's really impressive. And it has a top speed of close to 34 knots.
Burnham
Is it faster than the boat that's a couple feet shorter because of the waterline length?
Richards
It’s more efficient. That helps a lot.
Burnham
You can run faster—
Richards
Or cruise using less horsepower.
—so you save fuel.
Richards
Yeah, it’s only a little bit between the two boats. But as I said, this boat is 68 feet overall, and it's burning 38 gallons an hour. That’s incredible. That’s 60 to 70 percent less than anything in the market for this style.
Burnham
For people who are cruising on powerboats long range, do you have a view of how they’re changing and how you've adapted your approach in the last 10 years?
Richards
I'm a grandfather myself, so life's busy, and for me, personally, to cruise at 8 or 10 knots would just drive me nuts. Cruising at 20 knots is a game changer, with the same range capabilities. That’s the thing. You're using way less fuel, but you're going two and a half times faster for the same fuel burn. You’re getting to places way quicker. I think women in general are way happy to get there faster than not. And it's just a whole different approach to long-range cruising, and sure, you can still do 8 or 10 knots. There's no problem. And the range of these boats is phenomenal. At 8 and 10 knots, it's 2,500 miles. So, you could cross the Atlantic in this thing at 8 knots. No problem. But going to the Bahamas or from Fort Lauderdale to Newport, Rhode Island, you can get there nonstop at 20 knots. It's incredible.
Burnham
You took a boat to Bermuda recently—maybe a year ago.
Richards
That's the Palm Beach 70 next door, that's right.
Burnham
What did you learn from that or from other longer ocean passages?
Richards
I've done a lot of very long ones, but it was a great trip to Bermuda. As you know, I like sponsoring those events. It's a lot of fun. I've done a lot of match racing in Bermuda when I was young, so I know the place. It’s a beautiful part of the world. But look, it’s good to support the Newport Bermuda Race, and a chance to prove the boat. We got there with 50 percent of the fuel remaining, averaging 18 knots. So, the fact that you can do those trips easily and effortlessly is a great thing.
As sponsor of the Newport Bermuda Race, a Palm Beach 70 made the 638-mile run from Newport, R.I., to Hamilton, Bermuda in 30 hours with plenty of fuel to spare. Grand Banks photo.
Burnham
Anything else about this new Grand Banks 62 that's just been introduced?
Richards
The key thing for everyone to realize about our boats is that all our boats are very customizable, like that's one thing we specialize in. Every Grand Banks and Palm Beach is different to the next, and everyone has different ideas and different tastes. What we work really hard on is building our customers’ dreams, not our dreams. I think that makes a big difference, and it's been part of our success.
Burnham
Have you been able to adapt your construction process to make the pricing work out…because carbon fiber isn't cheap?
Richards
Look, it's very expensive, but it's worth every penny, in my view. We set our whole factory and production line for a customized production line. We're not a cookie-cutting company. We're not popping out sausages. Every boat is different. Every size is different. You don't know whether the next order is going to be a 42-footer or a 100-footer. So, we've set the production line up in that respect. And because of that it's extremely efficient for building different boats every time. And I think we're probably doing as good a job as anyone in the world for building custom boats, and I think the following we're developing with our customers just coming back for more and more boats, and bigger and bigger boats, is because they really like what they get. It’s something I'm very proud of and it's great to see our customers enjoy it.
Burnham
Across the two brands, what's the biggest boat that you're building now.
Richards
We just started a new Palm Beach 107 so that's a big deal for us. And we just launched our first Palm Beach 85; we've got a 101 sold, and the 107 sold. And we've just finished designing a new Grand Banks 101 as well. So, a lot of big boat stuff in the future for us, which is exciting and in quite a big demand. But once again, our big boats are going to be phenomenal from a performance perspective. I mean, we're talking once again about 70 percent less fuel burn than anyone, and higher speeds than anyone, by a significant amount. Boats with comparable engines are 12 and 15 knots slower with the same engine. So that just gives you an idea of the efficiency difference in the products. It’s quite a lot of fun, and it's what I really enjoy doing.
Burnham
So last question, you're building Palm Beach and Grand Banks in the same place using a lot of similar technology. How do you distinguish between the two brands in their modern iterations?
Richards
You just got to look at the two boats. They're very different. Grand Banks has a lot more volume, so it's more long-range, long-term liveaboard versus the Palm Beach, which is still extremely capable, obviously, but it's less volume, a sexier look. It’s just trying to stay true to both brands. Palm Beach hasn't changed since we merged the two, and with Grand Banks we've tried to really respect and honor the heritage of the Grand Banks look. And I think we've done a pretty good job.
